Funding – Page 163
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News
Chapter 11 Sea Containers supports UK funds
[15:55 CET 18-02] UK – Sea Containers has said it has made financial support arrangements for two of its UK group pension schemes, as part of the company’s attempt to exit its Chapter 11 proceedings.
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TPR warns firms not to put dividends ahead of pensions
[16:05 CET 18-02] UK – The Pensions Regulator (TPR) has reassured employers it will continue to implement its scheme funding rules "pragmatically" in the economic crisis, but warned pension plans should not suffer to allow firms to pay dividends to shareholders.
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Expert demands state hand-outs for Pensionskassen
[16:05 CET 18-02] AUSTRIA – Austrian pension expert Johannes Rudda would like to see the federal state put money into Pensionskassen with employers being another possible source for financial aid.
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AP3 reports 20% drop as diversification falls short
[15:55 CET 18-02] SWEDEN – Tredje AP-fonden (AP3), the Third Swedish National Pension Fund, lost SEK 44.8bn (€4.03bn) in 2008 as it admitted its risk diversification strategy "did not bear fruit".
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Interest hedge limits SPW’s loss
[16:55 CET 17-02] NETHERLANDS - SPW, the €4.5bn pension fund for the housing corporations, was able to limit its loss on investments to 2.7% during the fourth quarter, thanks to an extensive interest rate hedge.
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AP4 drops 21% in 2008
[16:50 CET 17-02] SWEDEN - Fjärde AP-fonden (AP4), the Fourth Swedish National Pension Fund, saw the value of its fund capital more than SEK40bn to SEK164.7bn (€14.9bn) in 2008.
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News
More scaling back at loss-making Aegon
[16:15 CET 17-02] NETHERLANDS – Dutch life insurance, pensions and investments giant Aegon today revealed the firm lost €1.2bn in Q4 2008 and is now planning redundancies.
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News
UBS adopts IAS19 accounting
[15:45 CET 17-02] SWITZERLAND – Swiss bank UBS has changed the way it is accounting for its pension assets thereby increasing the group’s assets by CHF1.6bn (€1.07bn).
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NewsTapiola and Varma figs show hedge fund impact
[15:00 CET 17-02] FINLAND – Final year figures from Varma and Tapiola have highlighted the impact of investment strategies, in particular the use of hedge funds, in 2008.
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News
Union Investment loses assets but gains clients
[17:10 CET 16-02] GERMANY – German asset manager Union Investments saw its assets under management drop by €31bn last year even though it gained 30 new institutional clients.
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News
UK considers switch to DC for ministerial pensions (amended)
[17:05 CET 16-02] UK – Gordon Brown has ordered a review of final salary parliamentary pension arrangements which could see ministers moved into a defined contribution scheme.
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NewsTNT fund in the red
[16:55 CET 16-02] NETHERLANDS – The pension fund of Dutch postal firm TNT has become the latest scheme to blame falling interest rates for much of its new underfunded status.
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News
Pension consultants plead for levy amnesty
[16:50 CET 16-02] UK – The UK Society of Pension Consultants has claimed the UK government should grant pension schemes of companies which are in financial distress temporary amnesty from PPF levies, to enable corporate sponsors to continue their defined benefit scheme.
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News
Eureko gets €1bn capital boost
[16:45 CET 16-02] NETHERLANDS - Eureko’s capital position has been bolstered with a €1bn capital injection from its major shareholders Achmea Association and Rabobank Group, and talks could resume in the row concerning Poland’s PZU.
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News
Trade bodies warn against hard-hitting measures
[11:00 CET 16-02] NETHERLANDS - Dutch pension funds’ lobbying organisations have warned they will oppose any recovery measures that are could hit schemes’ participants hard, as long as it is not clear whether the consequences of the credit crunch will be lasting.
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NewsOxford drops TAA over poor performance
[17:00 CET 13-02] UK – Oxfordshire County Council has confirmed its £913m (€1.03bn) pension fund has disinvested from the Tactical Asset Allocation (TAA) strategy run by UBS following poor performance.
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NewsBT sees March surplus reverse into deficit
[16:55 CET 13-02] UK – The UK’s largest pension fund has seen its assets shift under IAS19 accounting rules from a technical surplus of over £2bn (€2.16bn) in March 2008 into a deficit of £1.7bn by the end of last year because of the swing corporate bond pricing, according to ...
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News
Alecta drops 7.4% in 2008
[16:35 CET 13-02] SWEDEN – Alecta pension fund has reported a loss of 7.8% in 2008 although it claimed asset diversification had limited the decline in its portfolio.
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NewsMetallRente grows assets in difficult year
[12:00 CET 13-02] GERMANY – The MetallRente pension provider saw its assets grow by 4% to €1.4bn in a year when its Pensionsfonds posted a negative return of -16.1%.
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NewsThree Swedish pension funds report 'red light'
[17:00 CET 12-02] SWEDEN – The Finansinspektionen (FI), the Swedish Financial Supervisory Authority, has confirmed the buffer capital of Swedish pension funds declined at the end of 2008, and three funds reported a 'red light'.
